CompanyInformation:McLeodCountryGolfClubACNNo.009773273ABNNo.96009773273Founded28February,1968,registeredintheRegisterofCompanies,Brisbane,Queensland,18June,1968.Patron: RachelHetherington LifeMembers: MrsJanEdmunds MrsClaireTaylor MsHildaReidBoard: President MrsCarolynMcIlvenny VicePresident MrsMerylMcKenzie
Secretary MsCathyNichols Treasurer MrsJennySmith Captain MrsColletteByrne Vice-Captain MsSueRutherford GreensDirector MrsJulieMorrisonBoardAppointments CompanySecretary MrsJennySmith
Handicapper MrsLynneCavanagh BDLGADelegate MsSueRutherfordRegisteredOffice: GertrudeMcLeodCrescent,MtOmmaneyQld4074Communications: PostalAddress 61GertrudeMcLeodCrescent,MtOmmaney,Qld,4074 Telephone 0733763666 Facsimile 0733763923 Starter’sPhone 0428492354 Email [email protected]: ClubManager MrSeanKennedy CourseSuperintendent MrCraigClarkeGolfProfessional: MrSakLeeBankers: CommonwealthBankofAustralia,MtOmmaneyQld4074Solicitors: McInnesWilsonAuditors: RWMCharteredAccountantsInsuranceBrokers: Austcover/AustralianInsuranceSolutions
Statutory:
Appeal Mrs Debra Daly, Mrs Diane Lally, Mrs Leonie Newton, Tim Deakin, NigelFairhurst
Finance MrsJenniferSmith(Chair),MrTonyO’Connor,MrDanFenton,MrsMichelle
LangdonMatch MrsColletteByrne (Chair), Ms SueRutherford, Mrs LynneCavanagh,Mrs
AnnetteGoodall,MsJulieDella-Pianna,MrsRitaSwan,MrsGayleStewart,MrsLindaGroves,MrsTrishPressland,MsMary-AnneVos,MrsSandraCroft.
Greens MrsJulieMorrison(Chair),MrBruceSmithHouse MrsM.McKenzie(Chair),MrsCecilyBoyd,MrsPamHartwell,MrWayneGane,
MrsJulieGlassop,MrsSandraAndrewsRisk&audit Mrs Meryl Mckenzie (Chair), Mr David Boyd, Mrs Diane Lally, Mr Peter
Atkinson Jubilee Mrs Sandra Hall (Chair), Mrs Julie Glassop, Mrs Pam Hartwell, Mrs Meryl
McKenzie, Mrs Deborah Marsland, Mrs Margaret McGrath, MRs BettyJohnston
ElectedCommittees:SeniorLadies PatronDaphnePirieMBEAO
Mrs Wendy Hooker (President), Mrs Annette Goodall (Captain), Ms GailFrawley(Secretary),MrsJudyFrazer(Treasurer)
Committee:MrsJanWalker,MrsJoMorton,MsNinaPhillipsFellows MrScottMalson (President),MrPeterGlassop (Captain),MrNoelMcCabe
(Treasurer), Mr Ian McGaw (Secretary), Mr Rodney Butler (Handicapper),Committee:MrStanMann,MrPeterMarsland,MrStuartCanham
Veterans MrDavid Boyd (President),MrBillNewcombe (Captain),MrBruceGearing
(Treasurer),MrPatMcKinney(Secretary)Committee:MrMikeHeycock,MrGarrySwalling,MrMalLancaster,MrDonPinel
MEMBERSHIPBYCATEGORY-30/09/17 2013 2014 2015 2016 2017 Change
Ordinary Members 194 188 189 183 167 -16 Ordinary Fellows 156 125 151 136 159* +23* Senior Ordinary Members 31 27 27 37 38 +1 Senior Ordinary Fellows 34 38 37 40 44 +4 Provisional A Fellows 72 56 11 59 Category
Removed* -59
Provision B Fellows** 8 48 14 3 10 +7 Gateway Members 24 8 11 9 4 -5 Gateway Fellows 29 20 36 21 13 -8 5 Day Members 33 29 27 30 32 +2 5 Day Fellows 25 25 23 22 25 +3 Intermediate Member 0 1 0 0 0 0 Intermediate Fellow 1 4 5 2 4 +2 Junior Members 13 1 6 4 5 +1 Junior Fellows 22 18 22 9 9 0 Student Member 1 1 0 0 1 +1 Student Fellows 10 15 11 6 6 0 Honorary Member 2 2 3 6 6 0 Honorary Fellows 2 1 1 8 10 +2 Life Members 2 2 2 2 2 0 Life Member – Non Playing 2 1 1 1 1 0 McLeod Social Club 0 11 15 23 28 +5 Pay As You Golf 7 11 5 6 3 -3 Perpetual Members 21 19 19 16 15 -1 Perpetual Fellows 12 12 11 10 10 0 Country Members 1 0 0 1 1 0 Country Fellows 3 2 3 4 6 +2
Limited Members 31 30 19 12 8 -4 Limited Fellows 49 30 27 17 11 -6 Beginner Member – 6 Months 1 2 3 1 2 +1 Corporate Member 0 2 0 13 26 +13 Social Members 544 376 255 212 182 -30 Sub Junior Member 0 9 5 2 4 +2 Sub Junior Fellow 0 10 8 9 13 +4 Summer 3 month 1 0 -1 Temporary Member 0 1 0 0 0 0 Temporary Fellow 0 1 0 0 0 0 Young Professional Member 0 1 4 6 3 -3 Young Professional Fellow 0 21 45 47 56 +9 Total 1330 1149 996 958 904 -54 Total minus social 786 773 741 746 722 -24
*Provisional A now all Ordinary Fellows. Total of OF = OF + previous Prov A. Change represents combined change of OF and Prov A. **Provisional B automatically become OF after 12 months.
PRESIDENT’SREPORT2017–50THANNUALGENERALMEETING IampleasedtopresenttoyoumyReportfortheyearended30September2017.2017 was the year a Constitution was finally ratified and then a flood of grant successfollowed.TheGolfShopcompleteditsfirstfullyearofoperationundertheMcLeodbanner.Financesimprovedthroughouttheclub’soperations.Sponsorshipregaineditsmomentum.Upgradesoftheclubhousefacilitiescommenced.MembershipTrendsThestartof2017sawadeclineinmembershipasareactiontotheincreaseinfeesforthe2017year. ItshouldfirstbenotedthatMcLeodmembershiprateswerestill lessthanourneighboursandthatnotallofthosewholeftwereplayingmembersoftheclub,asnumbersincludedlossesinSocialandLimitedmembers.Ofgreatestconcern,however,wasthelossofOrdinaryFellowmembers.Someofthesehavenowreturned,othershavechosendifferentcategories,10movedbeyondthebordersofBrisbane,4becomeSeniorOrdinaryFellows,andanumberretiredfromgolf.LossesofOrdinaryMemberswasnotassignificant:3becameSeniorOrdinaryMembers,5movedbeyondthebordersofBrisbane,2movedtolowercostcategories,2retiredand2changedclubs.Itisunfortunatethatrisingcostshadtobepassedonintheformofmembershipsubscriptionincreases,howevernotallofthisincreasewentto McLeod. A significant portion of the increase actually went to 3rd party suppliers forinsuranceandaffiliationfees.It isalsounfortunatethatclubs, intryingtoattractsocialgolfers,continuetolowerpricesbeyondwhatiseconomicallyviable.Thisnowmeansthatwhenplayerslookforsocialgamestheynowdosoviathecheapestsites.Ultimately,thisisnotsustainableforclubs.Theabilityto gain cheap handicaps has also helped to force down membership rates and revenuethroughout the golfing world, with the end result crippling Clubs’ finances. Clubs weretraditionally happy for visitors to use other club’s facilities for little cost but with theintroductionofcheapmemberships,clubmembersarenowsubsidisingvisitorssubstantially.Tocounterthistrend,theBoardhastakenthestancethatvisitorsmustpaytoplayandthatitisaprivilege,notaright,toplayinaMcLeodcompetition.Allvisitorstotheclubmustnowpaygreenfeesinadditiontocompetitionfees.NewMembersOvertheyear,wehaveadded92newplayingmemberstotheclub,loweringouraverageageto59.2years-animprovementof5yearsoverthepreviousyear.Ouryoungestmemberis7yearsandoldestis96years. Maleaverageageisnow54.7years,dropping1.1years,andfemale63.8years,risingby0.1years.In2016,82%ofthemembershipwasaged46orolder,thishasnowmovedto78.8%in2017.TheaverageageofnewmembersatMcLeodisMales39.5yearscomparedtofemales45.7years-asignificantdropof3yearsforwomen.Intheperiod to October 2017, 73 newmales joined versus 19 new females. Increasing playingmembershipwillcontinuetobeastrategicpriorityin2018.
Towardsthisend,thefreebeginnersprogramhasbeenintroducinganamazingnumberofnewwomentothesportofgolf.WhowouldhavethoughtthatasingleFacebookadcouldattract120newwomengolferstotheclubfromthelocalCommunity?Wehavenowtakenthisinitialtrialanddevelopedafullyearprogramof3sessions,whichwillallowuptoafurther360newgolferstolearnthegamewealllove.Thecostoftheyear’sprogramiscoveredbythe“Getout,getactivegrant”fromtheQueenslandGovernment.Thecompletionratefromtheinitialtrialwas40%.Thisinitialgrouparenowpayingforlessons,buyinggolfgear,usingrange balls and starting to purchase Beginner or Gatewaymemberships. Please help tonurturethesegolfersastheystarttolearntherealgameoutonthecourse.IwanttothankSakLeeforhisgreatworkinthisarea.Thisisalongtermstrategyasyoudonotgostraightfromalearn-to-golfprogramtoplayingcompetitivegolf.BrisbaneInvitationalThe Brisbane Invitational was successfully run for the 3rd year, with rookie Helen DavisGrahamastheeventualwinner.Competitionwastightwithitlookinglikea3waytieuntilthelastcoupleofholes.Iamverypleasedtoannouncethatwebeensuccessfulinbringingonboardanamingrightssponsorforthe2018BrisbaneInvitational–SeasonsAgedCare.OnCourseOncourse,thenumberofpermanentpathwayscontinuetoincreasewithafurther315mofconcretepathwaylaidbytheMcLeodSons.Makingthecourseweather-proofcontinuestobeapriorityfortheclub.Inaddition,theMcLeodSonshaveupgradedallthebuggybridgesandbuiltanewwalkingbridgebetweenthe11thgreenandmen’s12thteeblock.Inaddition,thegreensstaffhavecompletelyrenovatedbunkersonthe10th,13thandpartiallyonthe8thand12th.TheCourseQualityStandardsandImprovementPlanhasbeenupdatedtoreflectthesecompletedpathwaysandbunkers.Theweederadicationprogramalsobeganinearnestin2017underCraig’sdirectionandwillcontinueinthecoming2years.Theimprovementingrass istestamenttowhatcanbeachieved. Rebuildingofthe15thand18thteeswasalsoundertaken.Ithasbeenabusyyearforourgreenstaffandthecourseisplayingbetterthaneverasaresultoftheirefforts.Pleasejoinmeinthankingthemfortheirexcellentefforts.GolfShopTheGolfShop,underthemanagementofMichelleWilliams,hashadastellaryear.Forthefirsttime,inagreatmanyyears,wenowhaverealdataastowhoandhowmanyroundsareactuallyplayedatMcLeod. Wehaveusedthiscollecteddatato furtherourpromotionofmembership,etc.Movingforward,itwillnowbepossibletosaywithcertaintywhetherweare seeing growth in social golf, a strategic priority. We have certainly seen growth incorporategolf thanks to theworkofSeanandhis team. Wewill continue topursue thisavenueasthegreateritssuccess,thequickerwecanmakeimprovements.Thanksmustalsogo to Deborah Marsland and Vanity Fairways as we, together, continue to tweak ourmerchandise.Theclub’sliquorlicencehasnowbeenextendedtoincludetheGolfShop.
Halfwayhouseoperationscontinuetorunata losswhichleadstoaneverendingcycleofdiscussion.Toimprovefoodofferingsoutsideofhalfwayhousehours,theGolfShopwillholdfoodoptionsin2018,aswasplannedintheinitialgolfshopstrategy.SponsorshipSponsorship and the development of partnerships with companies that will benefit themembersofMcLeodhasbeenakeyfocus.WewanttousethesepartnershipstoincreasethevalueofyourMcLeodMembershipbeyond justgolf. Iwould liketoacknowledgeourmajorsponsors:Hyundai,TonyHollandsFuneralsandLisaTerare.Onecarwashwasreplacedwithanother,Cargroomers,whodoagreat job. Mobilemechanics–MeakinMechanicalcameandwent, dentistry -Odontologica, physiotherapy–AlphaPhysio, tourism– TravelManagers&SkyDance,Accounting–Extrado,builders–PatcoConstructionsPtyLtd,gym–ifeelgood,banking–HeritageBank,hairstylist–SmartStyleHairStudio,golfcarts–GolfCarParts&Repairs.SoIwouldencouragetosupportoursponsorswhosupportus.GrantsAsmentioned,2017wastheyearthatthegrantgatesopenedaftermanyyearsoftryingandnosuccess.Grantswerereceivedfrom:WomeninSportforgovernancetrainingoftheBoard($3,000 ex gst), The Brisbane City Council Building Better Communities Grant for therenovationofBathrooms($100,000exgst),theQueenslandStateGovernmentGetoutgetactive grant for the running of beginner golf programs for women ($26,685ex gst); TheCommunityBenefitGamblingFundforcarpetandroofrepair($10,000incGST); TheLordMayors Initiative for the Brisbane Invitational ($2,750), and The Clubbies – Best StalwartawardedtoNoelMcCabeforhisservicetotheclubovermanyyearsbeingrecognisedwithgolfequipmentforjuniorstothevalueof$1,000.The bathroom project has commenced with the men’s locker room which included theunplannedremovalofanasbestosceiling.Thankfully,theceilingwasremoved,otherwisewewould not have detected thewhite ants nest thatwould have eventually resulted in theceilingcomingdowninthelongrun!TheupgradeswillhelptoshowcaseMcLeodasavibrant,modern facility - not just to our membership, but to our corporate and social guests.Currently,theclubhousetoiletsareundergoingtheirupgradeandtheWestlaketoiletswillfollowinFebruary2018.Manyof thesegrants require in-kindcontributionsofMembers timetoachieve theClubscompulsorycontribution,andwhilesomemembershavesteppedforwardtohelp,weneedmoreofyoutodosoin2018.DevelopmentTheBoardhasbeenpursuingthepossibilityofarealestatefuturedevelopmentbutinvestigationhasrevealed that, under the covenants of the Club’s original deed,we are unable to pursue this anyfurtheratthistime.TheClubis,however,lookingataSportandRecreationdevelopmentthatwouldmeettherulesofourdeed,McLeodtoretainownershipofthenewfacilityandtherebygainrevenuefromleasingofthepremisesandfoodandbeveragesalestothepatronsofthisfacility.Thiswillbepursuedfurtherin2018.
GovernanceTheBoardhasspentconsiderabletimein2017addressingthegovernanceoftheClub–AConstitutionwasfinallyratifiedandalsoamendedearlyintheyear,togetherwithanewsetofBy-Laws.TermsofReferencesforallCommitteesoftheclubhavebeencompletedandallbutoneisnowadopted.Theriskauditoftheclubhasbeencompleted.RiskAsaresultofafailedBrisbaneCityCouncilkitcheninspectionlatelastyear,whichfaultedtheflooring,thekitchenwasfullyrenovatedinJanuary2017withnewvinylflooringtomakeitcomplianttocouncilregulations.Atthesametime,wealsoupgradedtheplumbing,electricsandrepaintingofthekitchenspaces.Itseemsthat2017wasalsotheyearof“breakandenter”with4separateincidencesoccurring.Asaresult,wearenowhavingtoseriouslyconsiderastagedinstallationofsecuritycamerasacrossthewhole club precinct. We also have a formalised Emergency Response Plan for use by staff andmembers.CultureThecultureofourClubhasalwaysbeenrepresentedinthegenerosityofthemembership.Thisisnotonlyobviousinthedonationofprizesforcompetitions,butalsointhecontinuedparticipationandsupportofourkeyfundraisingactivities.TheClub,throughitsvariousactivities,raisedanddonated$17,885tocharityinthe2016-17year.I personally wish to thank the many volunteers of the club who give their time on our manycommittees,oncourse,inthegardens,archivingourhistory-infactthereareveryfewareasoftheclubwherevolunteersdonothavesomeinfluence.Thankyouall.TomyfellowBoardmembers,Ithankyouforyouruntiringworkinhelpingtoguidetheclubforward.To allow tax deductible donations to McLeod, we have registered with the Australian SportsFoundation.PotentialdonorscandonatetoaspecificprogramorinitiativefortheClubwiththeaddedbenefitofareceiptfortaxpurposes.Theseincludescholarships,clubhouseinitiativesandoncourseactivities.Visitwww.asf.org.auformoredetails.McLeodStaffManyoftheimprovementsandinnovationsyouareseeingtodayatMcLeodaretheresultofthegreateffortsandtheideasofourstaff.SeanKennedy,asmanager,hasleadhisteamwell:meetingbudgetexpectations,generatingsponsors,increasinggamesplayedandfuturefunctions.Pleasejoinmeincongratulating Sean and his staff. Their hard work is paying off, yourMembership is seeing thebenefits on the course and in the clubhouse. I look forward toworkingwith you all in 2018 andachievingevenmoregreatthings.CarolynMcilvennyPresident
CAPTAIN’SREPORT2017Wellanothergreatyearofgolfbehinduswithsomegreatresultsandmanyagoodnight.OurcoursehasbeenabsolutelyamazingthankstoCraigandhisteam.Wearealsoveryluckytohavesuchwonderfulmemberswhovolunteertheirtimetohelpwiththesmoothrunningofourclub.ThankstomyMatchCommitteefortheircontinuedsupportduringtheyear.Theydidalltheworkbehindthesceneswhichensuredthatourcompetitionsransmoothly.AspecialthanksgoestomyViceCaptainSueRutherfordforallherhelpbothwithPennantsandthevariousothertasksthatconfrontedus.ThehelpandsupportIgotfromMichelleandherteamintheClub Shopwas invaluable and it was a pleasure toworkwith the Fellow’s Captain PeterGlassop. Itwouldbe remissofmenot to thankWayneGaneandDonPinel for theirhelpincallingthefieldonWednesdays.Onceagain,wehostedtheBrisbaneInvitationalwhichwasagreatsuccess. Itwasagreatreliefthatthebadweatherthathadplaguedthetwopreviousyearsdidnotdisturbplaythisyear.Wewillbehosting thiseventagain inMarch2018. InSeptember,wealsohadthehonourofhostingtheMegNunnSalver,whichisaQueenslandeventthatisonlyplayedinBrisbaneonceevery7years. LyndalPlantandIhadthehonourofplayingonthewinningBrisbaneDistrictteam.Thiseventcouldnothavehappenedwithoutthesupportofourmanymemberswhogaveuptheirtimetobespottersandalsocaddyfortheotherdistricts.
Wehad 8 Pennant Teams this year and itwas great to able to field our very own Juniorteam.Therewasnogreatsuccessstoriesand,ourbestresultscamefromourDiv.1FridayandDiv.1weekendteams,whobothfinishedup3rd.
Ourbeginnersprogram,runbySakLee,wasahugetriumph.KudostoourManagerSeanKennedywhohadthebrightideaofusingsocialmediatomarketdirectlytothepeopleinourlocalareaandsecuringagrantforitsfutureimplementation.
All Honour Board events were successfully completed and we saw some very closecompetition. Congratulations to all our winners. The results of these events follow myreport.
Thanks toall theMcLeodmembers for their continued support and Iwishyou successfulgolfingin2018-ourJubileeYear.
ColletteByrneCaptain
ClubChampions2017
ClubChampion:ColletteByrneRunner–Up:RositaVanKuilenbergDivision2:ChampionWendyMcLeanDivision3:ChampionMonicaO'NeillSeniorChampion:LyndalPlantJuniorChampion:GemmaRigbyFoursomesChampions:ColletteByrne&JillThurgoodMixedFoursomesChampions:ColletteByrne&GrahamEllisOtherWinners:Premier’sTrophy:DebbieReevesAnniversaryDay:NicolaRigbyEuniceColemanMemorialRosebowlWednesday:RuthElderSaturday:RositaVanKuilenbergRaeLivingstonShield:McLeodMastersChampion:GemmaRigbyMargaretHarrisMemorial:AnnandIanMcBrydeMargeRudderDay:Debbie&DavidReevesStellaMcMinn:ColleenMiles&AnneCullenPatron'sDay:Female:LeonieNewton.Male:DavidReevesRayLivingstonShield:VickiDe’Ath,JaneHolt,DebDaly&DiGriceHelenStaceyMemorial:Matthew&ChristineLong
Scotsmen’sDay:-JackO'Keefe&MeganBallMedalofMedals:Wednesday-WendyMcLeanSaturday-MelissaKeatingHoles-In-One:AnnetteGoodall6th
GREENSREPORT2017
It is with pride that I present the 2016-2017 Greens Report to theMembers ofMcLeodCountryGolfClub.Craig Clarke, our Course Superintendent, and his team of Randall Holland Smith, TrevorConnelly,TroyNuttridgeandJimRobbinshavecertainlydeliveredgreatresultsthroughouttheyear.Allareasofthecoursehaveimprovedandwillcontinuetoimproveinthecomingyears.Ongoingirrigationrepairshavebeenanissuethroughouttheyearwithmanyextramanhoursrequired to keep the system working. Bunkers on the 10th and 13th have had a totalreconstruction,whilethe5th,6th,8thand12thwereconvertedtograssfacebunkers.Allthisworkwascarriedoutinhouse,exceptfortheexcavationwork.Pathwayshavealsobeenanongoingproject.The3rdhasbeencompleted,1stextendedtobeyond the low-lying area and 13th also extended. Bridge work on numerous holes hasundergonerepairsandanewwalkingbridgefromthe11thgreentothe12thFellowsTeehasbeenconstructed.TheVets have kindly provided newwoodendirectional signs that have been strategicallypositioned around the course. These signs enable visiting Golfers easiermovement fromGreentoTeeandaddtotheirenjoymentofplayingourcourse.ContinuationoftheWeedEradicationPlanforthefairwaysisprogressing.The10thand11tharecurrentlyunderway.Somefairwayshavebeennarrowedwhicheconomicallybenefitsthebudget.DistancemarkershavebeenrepositionedallowingforeasierrecognitionbyMembersandVisitors.AforwardTeeonthe15thhasbeenconstructedandtherebuildof1stBlue,15th,18thBlueandRedTeeshasalsobeenundertaken.WeedcontrolofallTeeblocksisanongoingproject.The15thWeirrequiredurgentexcavationworktopreventleakageafterCycloneDebbieinMarch2017.Furtherworkisstillrequiredtocompletethisproject.Treetrimming,mulchingof mounds, clearing of hazard areas and maintenance around the waterways has allcontributedtotheoverallpresentationandenjoymentofplayingatMcLeod.The CourseMaster Plan/McLeodCourseQualityDevelopment Plan documents the abovework.However,thisdocumentisrevisedannuallywithupdatesandmodificationsmade,ifconsiderednecessary.ThankyoutoCraig(CourseSuperintendent),TimDeakinandtheothermembersofthisWorkingPartyfortheirongoingcontribution.TheGardenLadiescontinuetosupporttheClubwiththeirtirelesswork.ThankyouagaintoJanO’KeefeandJudyMcIntoshandtheirbandofhelpers for thewonderfulworktheydoaroundtheclubhouse,weddingareaandgardensonthecourse.ThankyoutotheSandmenandtotheMcLeodSons.Theycanbeseenworkingaroundtheclubhouse,maintenanceof‘Seventh Heaven’, helping the Golf Shopwith buggymaintenance, helping Craig and the
GreenStaffintheconstructionofthenewpathways,treetrimming,brushcutting,machinerymaintenance,younameittheycandoit.Thankyouallsomuch,aswithoutthissupportourclubwouldcertainlynotbewhereitistoday.Thank you to the members of the Greens Committee, fellow Board Members and SeanKennedy (Manager) for their support throughout the year. Craig Clarke (CourseSuperintendent)deservesthebiggest thankyou.Hisworkethichasbeenfaultlessandhisattentiontodetailinallfieldsofhisworkistobecommended.TheStaffunderhiscontrolhaveprovidedgreatsupporttohimandtheimprovementsthatwehavewitnessedthisyearhaveallcomewithinbudget.It has been an extremely satisfying year and we can confidently go into 2018 with theexpectations thatour course standardswill continue to improveand that thiswill haveapositiveresultonourbottomlinewithmorevisitorsplayingourcourse.JulieMorrisonGreensDirector
JubileeCommittee Thepurposeofthiscommitteeistoplanandcoordinateevents,projectsandmemorabiliatocelebratethe50thanniversaryoftheClub.InDecember1965,agroupof“businessgirls”mettomakeiteasiertogetagameofgolfonaSaturday.Acommitteewasformedandthespillingofblood,sweatandtearsbegan.Landsetasideforagolfcourseinanewhousingestatewasinspectedand,withtheassistanceoftheCEOof thedevelopers,waspurchased for$1on18thSeptember1968. Agolf coursedesignerwascommissioned.Aloanof$40,000wasapprovedontheconditionthattheladiesraise$8,000tobeusedbeforetheloanwasdrawn.FundraisingeventswereheldalloverBrisbane.Thelandwasclearedandadambuilt.Initially,only9holesandaclubhousewerebuilt. The first shot was played on 20th September 1969. 2018 will be a year of muchreminiscingbyourfoundingmemberswhohaveseentheirgoalsachieved.Theireffortsandachievementswillbeacknowledgedthroughouttheyear.ProjectsundertakensofarhavebeentoorganisearecordedoralhistorybyHildaReid,oneofourfounders.AfollowuparticleinWoman’sDayfiftyyearsaftertheoriginalwaspublishedandisnowdisplayedintheclubhouse.Wehavedesigneda50thanniversarylogowhichwillbeonallclubcorrespondenceduringtheyear.Acommemorativebagtagwillbegiventoallmembersandballmarkersandtowelsdisplayingthelogowillalsobeavailableforpurchase.JubileesnippetshavebeenappearingintheweeklynewsandwillcontinuethroughouttheyearuntilSeptember2018.Adisplayofhistoricalimages,photographsandpublicationswasdisplayedintheclubhouseonFoundersDaythisyearandwillcontinuetobeupdatedanddisplayedthroughouttheyear.Pleasetakethetimetolookatthememorabilia.AJubileeavenueoftreesisplannedandtheCouncilhavedonatedfiftytreesforthisproject,whicharecurrentlybeingcaredforandnurturedbythegardeningladies.ThiswillbeofficiallyopenedinSeptember2018.Torenewinterestintheclub’shistory,wearecurrentlyworkingonareprintof“DreamtoReality”,whichitisanticipatedwillbemadeavailableelectronicallytoallmembers.It is an exciting year for our Club, with the climax being a Jubilee Dinner Dance on 22September2018.JoinusthroughouttheyeartoenjoyyourClub,andproudlyshareinthehistorythathasmadeandcontinuestomakeMcLeodunique.SandraHallJubileeChair
FELLOWSPRESIDENT’SREPORT2017 IwouldliketothankallthemembersoftheFellowsCommitteefortheircontributiontotherunningoftheFellowsgolf:Captain–PeterGlassop,Treasurer–NoelMcCabe,Secretary-IanMcGaw,andCommitteemembersStanMann,PeterMarsland,andStuartCanham.Asmanyofyouknow,earlyintheNewYear,ItookapositioninSydney.Withthetravel,IwasunabletodevoteasmuchtimetothepositionofFellowsPresidentas Iwouldhave liked.All theFellowsCommitteememberssteppedupandwerewillingtodoafewextrajobstohelpmewiththejobofPresident.Atthetimeofnominations,IwasstilltravellingtoandfromSydneyandhadtomakethedecisionnottostandagain.IhaveenjoyedmyyearasFellowsPresident.Itisalwaysnicetohearfrommembersthattheyhaveneverseenthecourseinbettershapethanitisnow.AbigthankyougoestoCraigClarkeandhisstaffforalltheirhardwork.Also,athankyoutoallthevolunteersinalltheirvariousforms.Withoutthededicationandhardworkfromthesevolunteers,theclubwouldbeamuchdifferentplace.ThegolfshopcontinuestodevelopandisbeingrunverywellbyMichelleandherstaff.Duringthetransition,therewerealotofnegativecomments,buttheshopseemstobegoingwell.Ihopeallcontinuetosupportthegolfshopandthestaff.ItisalwaysapleasuretocomeintotheclubhouseandbewelllookedafterbySeanandthestaff.Fromtheadministrationtothebarstaffandthekitchenstaff,everyoneisalwaysmorethanhappytohelpallmembersandguests.TheFellows,MastersandJuniorsPennantsteamsgavetheirbestinDivision3,butjustfellshortintheattempttostayupinDivision3.Wewillwishthemallthebestfornextyear.Iwouldliketothankallthemanysponsorsofourcompetitionsthroughtheyear.Withoutthegenerousprizesfromthesponsors,ourfinancialsituationwouldbemuchdifferent.Asalways,pleasesupportthebusinessesthatsupportyourclub.MycongratulationsgotoalltheClubChampionshipwinners.TheFellowswinnerswere:AGrade AdamVerityBGrade MarkLenskeCGrade GraemeBehrSenior JohnProwseJunior CurtisElderingFoursomes AdamDe’Ath&MitchellSibbaldThankstoeveryoneattheclub,whomakebeingamemberofMcLeodapleasure.Allthebestandgoodgolfingfortheyeartocome.ScottMalsonFellowsPresident
TREASURER’SREPORT20172016/17wastheyearofgrantsuccess,followingtheapprovaloftheConstitutionattheAGMlastyear.TheapprovaloftheConstitutionalsomarkedachangeinthewayinwhichreportingisalsodoneinrelationtothecommittees’financialposition–aconsolidationoftheresultsfromtheFellows,SeniorLadiesandVetshasnowbeenincorporatedintothefigurestotrulyreflectthetotalgreenfeeschargedbytheClubandthecostofprizespaidoutbythevariouscommittees.Thisyear,wealsohaveafull12monthstradinghistoryintheGolfShop.The results for the year show a net profit of $36,157 after allowing for depreciation of$115,751. This is a turnaround of $100,446 compared to the previous financial year. Theresultsareslightlydistortedduetothedisclosureofthegrantsreceivedduringthereportingperiod,whichhadnotbeenspentinfullasattheendoftheyear.Asat30thSeptember2017,ofthe$138,776ingrantsreceived,therewas$56,438unspent. Themajorityofthegrantfunding was for the bathroom upgrades, and given this work is an improvement to theclubhousefacilities,fundsspentonthebathroomshavebeencapitalizedasimprovements.Ifwetakeoutthegrantsimpactoutoftheresults,theclubmadeaprofitfortheyearof$29,421beforedepreciation.This isaslight improvementon thepreviousyear, ifyouremovetheadditionalrevenuecollectedfromthepowerpolelevylastyearof$27,273.Whilstwehadsomesuccesswithgrantsduringtheyear,therewereothersthatwerenotreceivedasfollows:
• Getplayingplacesandspacesrd6-McLeodIrrigation/Drainage/WaterwayUpgradeProjectcost:$131,138Grantapplication:$104,910Clubcontributionneeded:$16,450(assetfinance)+$2578cash
• SaferQueenslandcommunitygrantsforSecurityCamerasProjectcost$12,450GrantApplication:$10,000Nocompulsoryclubcontribution.
Othergrantapplicationsarestillpendingatthetimeofthisreport:• GetGoingclubsround6-Thepurchaseandinstallationofarangeballpicker,aball
washingmachineanddrivingrangetargets.ProjectCost:$8,154GrantApplication:$7500Nocompulsoryclubcontribution.
• BuildingBettercommunitiesgrant2017-18–Finalise the renovationofbathroomsandrepairoftheroof.ProjectCost:$114,835GrantApplication:$86,126Clubcontributionneeded:$28,709
NetproceedsfromFridaynightrafflesarecurrentlyearmarkedforourPointofsalesystemupgrade. This investment was approximately $33,000. This year, we generated another$18,000fromtheraffles.Soaspredictedinlastyear’sreport,thenetrevenuestreamfromtheserafflescannowbedivertedtoanotherproject.Therevenuefrom“specialraffles”heldduringthepasttwoyears,coupledwithadonationof$700fromtheVets,enabledthenewchairs for the clubhouse to be purchased during the year. Pokermachine profits will beearmarkedtoassistwiththepurchaseofnewequipmentrequired,movingforward.Seanandhis teamhavebeenworking tirelessly topromote theClub in asmanyways aspossible to the local community and businesses. This work has seen a 50% growth in
sponsorshipthisyear.Coupledwithpromotingcorporategolf,socialgolfandcoursesignage,opportunitiestopromotetheuseoftheWestlakeRoomforcorporateeventsisalsoontheagenda. And with the continued support from Tony Holland Funerals, more functionsbookingsfortheWestlakeRoomareoccurring.TheBarandKitchendivisionsshowedadefiniteimprovementthisyearincomparisontolastyear’sresults.Thiswaslargelyduetotheconsistentfoodofferingsputinplacebyourformerchef,PeterO’Sullivan.Functionrevenuecertainlyincreasedandthetypeoffunctionsonofferweremodified to cater tomarket expectations. An increase in functions also lead to anincreaseinbarrevenue.Moreefficiencieswerealsocreatedinthekitchenduringtheyearasaresultofhavingimprovedworkpractices,resultinginlessfoodwastage.DespitetheclosureofthekitcheninJanuarywhilsttherenovationtookplaceandnewflooringlaid, increasedstaffingcostsasaresultoftheadditionalfunctionstakingplace,anddisruptiontotradeasaresultofsevereweathereventsinNovember2016andMarch2017,bothdivisionshadmorethana50%improvementinthenetprofitpercentagefortheyear.Overall,agreatturnaroundfortheyear.Inrelationtomembership,therewascertainlysomeattritioninmembershipnumberstostarttheyear.Thiswaslargelyduetothespecial levyimposedthepreviousyearforthepowerpole replacement and an increase in subscriptions. Despite this, we clawed back ourmembershipnumbersduringtheyear,butsomeoptingforacheaperoptioninmembershiptyperatherthanfullmembership.Membershiprevenuewillalwaysbeanissueinthetoday’seconomicclimatewheretherearemanypressuresonfamilyfinancesandsocialcluboptionsallowingpeopletoplaydifferentcoursesforacheaperprice.AsCarolynhasalreadyalludedtoinherreport,thisisnotsustainableforClubstobowtothispressuretoreducefeesasallitdoesisundervaluemembershiptotheirClub.Wearenodifferent!ThechangesmadeintheGreensstafflastfinancialyearhaveresultedinadiverserangeofexperienceandqualificationsbeingatourdisposal,theevidenceofwhichcanbeenseeninthe condition of the course. It is very pleasing to hear at presentations each week howcomplimentaryourgolfersareabout“howgoodthecourselooks–probablythebestithasbeeninyears”.Despitebeingshortstaffedforabouthalftheyearduetolackofsuitablejobapplicants, Craig and his team have managed to undertake the various improvementsrequiredtobedoneonthecoursethroughouttheyearwithintheconstraintsofhisbudget.CongratulationsCraigforyourleadershipofyourteamforajobwelldone!AsJuliehasalreadyalludedtoherinherreport,pathwayupgradeswereundertaken(atacostof$18,691)sothatwecanattempttomakeMcLeodplayableinallweatherconditions.Thesecostshavebeencapitalizedasanimprovementtothecourseratherthanshowingthemasanexpense. Inaddition,workswereundertakenonthebridgesthisyearaswellastherevampingof thebunkersnear thegreenson the10th and13th– costs for theseprojectsamountedtoapprox.$20,000duringtheyear.Onceagain,thepathwayworkundertakenbytheMcLeodSonsthisyearwasinvaluableinthisregard,savingsusthousandsofdollarsinthisareaalone!AverybigsincereThankYou!ImustalsothanktheVetsandFellowsfortheirgenerosityinprovidingfundingforadditionalequipmentforuseontheCourseofover$9,000.ThisexcludestheVetscontributiontowards
theclubhousechairsof$700andalsoacontributionof$1,000 towards theMen’sLockerroomupgrade.TheFellowshavealso committed$1,000 towards theMen’s LockerRoomupgrade,butthatwasreceivedafteryearend.Thegolfshophasnowbeenoperatingforafull12monthsandsalesfortheyearexceededourexpectations.Ourgrossprofitachievedonstocklines,whichhavechangedasdemandrequired,variedduringtheyear,butaveragedapprox.45%fortheyear.Costsofhiringthebuggies, including additional ones for social clubs when required, together with themaintenancecostof servicing, is less than50%of the revenuebeingderived fromhireofthem.Themajorcostofanyretailestablishmentislabour.Theboardwasawareofthisfromthestart,butweneededtohaveagolfshoptoserviceourmembership,toprovideaccesstoagolfproforlessonsandclinics,andvisitinggolfers.Rememberthattheshopisopenmorethan12hoursaday,essentially7daysaweek.Thegrantreceivedtoassistwiththebeginnersclinicsof$26,685iseffectivelysubsidizingsomeofthewagescostsinthisdepartment.Wearecontinuingtotweakthegolfshopmodel,includingthestaffinglevelsrequired,asmarkettrendscontinuetochange.Therevenuefromsocialgolfandcorporatedaysisontheincrease,whichassistsinsubsidizingthegolfshopoperations.
Socialgolfrevenuealmostexceededtheincreasedbudgetfortheyear,withmostmonthsexceedingonaverage$15,000.TheonlytwosignificantdropswereinNovember2016(duetosevereweather)andMarch2017(duetoCycloneDebbie).Haditnotbeenforthesetwomonths,ourbudgetwouldhavebeenmetinthisregard.Weareatthemercyoftheweathergods!Atleastthisyear,theBrisbaneInvitationalhadadrytrack!TheMcLeodSonshaveonceagaindoneawonderful job this year, aswell asmaking thecourseandClubhouselookbetter,havesavedusvaluablefunds.ThankyousincerelyforyourcommitmenttotheClub.TotheGardenLadiesandSandmen,abigthankyouaswell.TothewonderfulstaffatMcLeod,thankyouforyourhardwork,despitethechallengeswefacedduringtheyear.IthinkwehaveagreatteamtoshowcasethisgreatClub.AswemoveintoourJubileeyear,thereismuchanticipationandexcitementbuildingaswestart to celebrate thismilestone in the club’s history. The success in gaining the grant toupgradethetoiletfacilitieswascertainlyagoodkickstarttomodernizingthelookandfeelof
$-
$5,000.00
$10,000.00
$15,000.00
$20,000.00
$25,000.00
$30,000.00
Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
SocialGolf2016/17
2014/2015
2015/2016
2016/2017
theClub.Wewillbecontinuinginthisvainthroughouttheclubhousetoupgradethefacilitiesoverthenext12to24months,toencouragemoreuseoftheimprovedfacilitiesbyexternalgroups,thusbringingexternalsourcesofincometotheClub.WewouldalsoencourageyoutogetbehindthevariousactivitieswewillbeholdinginthecomingyearaspartoftheJubileecelebrations.In summingup, Iwould like to sincerely thankmy finance committee for their continuedsupport and advice during the year. A special thank you to Lisa Rogers, who has been aconstantformeintheofficeduringthelastfinancialyear.Shehascontinuedtodevelopandimproveoursystemsforalltofollowtoensureamoreaccuraterecordingandreportingofthe important financial information required tomakemy role as honorary treasurer lessstressful. To my fellow Board members, thanks for your understanding and supportthroughouttheyear.Toyou,ourClubmembers,thankyouforsupportingtheClub:fromplayinggolf,sponsorshipof events, attending Club functions and donating your time as a volunteer or committeemember.TheClublooksforwardtoyourcontinuedsupportin2018.JennySmithproposesthemotion:Thatthe2016/17FinancialStatementsascontainedintheAnnualReportbeaccepted.
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Principal Activities
McLEOD COUNTRY GOLF CLUB LIMITED
ABN 96 009 773 273
DIRECTORS’ REPORT
To achieve these objectives the company has adopted the following operational plans:
The principal activity of the McLeod Country Golf Club during the financial year is the operation of the Golf
Club and its facilities. There have been no significant changes in the nature of the company’s activities
during the year.
• Drive a welcoming and friendly culture from all participants in the golfing experience.
• Golf Shop is the face of McLeod.
• Continue to support and develop the surrounding environment and gardens around the clubhouse and
course.
• Work towards establishing an ‘all weather’ course using cart paths within 5 years.
• Review and implement Membership Development strategy
• Make maximum use of the course tee times by a:
• Develop the Brisbane Invitational / ALPG event
• Establish appropriate quality and availability of food
• Development of competition golf
• Development of Beginner golf
• Identify, develop and nurture corporate golf
• Tourism
• Establish clear communication channels on course availability
Increased asset utilization
Inclusive, welcoming culture.
Attract those new to golf.
The company's strategic directions are:
• Significant increase in social golf,
Improved golfing experience.
Successful event management.
Improved catering.
Develop and promote the "McLeod" brand.
Establish sound governance.
Find capital for club development.
• Implement the course management plan to achieve a Tier 2 status golf facility within 5 years
The company has complied with all Occupational Health and Safety, employment and Environmental
reviews conducted by external regulatory bodies.
• Develop management protocols and improve governance of committees.
• Develop and increase revenue from sponsorship
• Development committee to investigate the options for the sale, lease and development of McLeod
assets.
• Risk and Audit Committee full course audit.
2017 $ 36,157 2016 $ (64,289)
No legal proceedings have been entered into on behalf of the Club.
Likely Future Developments and Expected Results
The particular information required by Section 299(1)(e) of the Corporations Act 2001 has been omitted
from the report because the Directors believe it would result in unreasonable prejudice to the Company.
McLEOD COUNTRY GOLF CLUB LIMITED
DIRECTORS’ REPORT
Events Subsequent to Balance Date
There were no significant events subsequent to balance date.
The Company has derived a net profit / (loss) of :
Significant Changes in State of Affairs
The Company now operates under a Constitution, passed by more than 75% majority at the Annual General
Meeting of 2016.
Review and Results of Operations
ABN 96 009 773 273
Events Subsequent to Balance Date
There were no significant events subsequent to balance date.
Legal Proceedings on Behalf of the Club
The Company has obtained insurance in respect of all directors and senior executives against all liabilities to
other persons that may arise from their positions as directors and executives, except where the liability arises
out of conduct involving a lack of good faith. A premium of $3,705.29 (2016: $2,695) has been paid for this
insurance.
Indemnity
The club has not, during the financial year, in respect of any person who is or has been an auditor of the
Club, indemnified or made any relevant agreement for indemnifying against a liability incurred, including
costs and expenses in successfully defending legal proceedings.
Dividends Paid or Recommended
The Club is a company limited by guarantee and pursuant to Section 179 of the Corporations Act 2001 and
the Club's Constitution, the payment of dividends are not permitted.
The profit in the current year is largely attributable to the disclosure of grant revenue which was
predominantly spent on items of a capital nature.
Carolyn McIlvenny
Jennifer Smith B.Bus, FCA, CPA
ABN 96 009 773 273
Auditor's Independence Declaration
The lead auditor's independence declaration for the year ended 30 September 2017 has been received and can
be found on page 6 of the financial report.
McLEOD COUNTRY GOLF CLUB LIMITED
DIRECTORS’ REPORT
Signed in accordance with a resolution of the Board of Directors.
Dated this 16th day of November, 2017
Audit Opinion
a)
(i)
(ii)
b)
Basis of Accounting
RWM BARRY J. DINNEEN
Chartered Accountants
A Registered Company Auditor
23 Jeays Street
Bowen Hills Qld 4006
complying with Accounting Standards in Australia and the Corporations Regulations 2001;
other mandatory professional reporting requirements.
Without modifying our opinion, we draw attention to Note 1 of the financial report, which describes the basis
of accounting. The financial report has been prepared for the purpose of fulfilling the Directors' financial
reporting responsibilities under the Corporations Act 2001 . As a result, the financial report may not be
suitable for other purposes
The audit opinion expressed in this report has been formed on the above basis.
In our opinion, the Financial Report of McLeod Country Golf Club Limited is in accordance with:
the Corporations Act 2001 , including;
giving a true and fair view of the Company’s financial position as at 30th September, 2017,
and of its performance for the year ended on that date; and
INDEPENDENT AUDIT REPORT TO THE MEMBERS OF
McLEOD COUNTRY GOLF CLUB LIMITED
Scope
We have audited the Financial Report of McLeod Country Golf Club Limited for the financial year ended
30th September, 2017. The Company's Directors are responsible for the preparation and presentation of the
Financial Report and the information it contains. We have conducted an independent audit of this Financial
Report in order to express an opinion on it to the members of the Company.
Our audit has been conducted in accordance with Australian Auditing standards to provide reasonable
assurance as to whether the Financial Report is free of material misstatement. Our procedures included
examination, on a test basis, of evidence supporting the amounts and other disclosures in the Financial
Report, and the evaluation of accounting policies and significant accounting estimates. These procedures
have been undertaken to form an opinion as to whether, in all material respects, the Financial Report is
presented fairly in accordance with Accounting Standards and other mandatory professional reporting
requirements and statutory requirements so as to present a view which is consistent with our understanding
of the Company's financial position, and the results of its operations and its cash flows.
Dated this 17th day of November 2017.
(i)
(ii)
RWM
Chartered Accountants
Barry J. Dinneen
A Registered Company Auditor
Bowen Hills Qld 4006
Dated this 17th day of November 2017.
23 Jeays Street
AUDITORS' INDEPENDENCE DECLARATION UNDER SECTION 307C OF THE
CORPORATIONS ACT 2001
TO THE DIRECTORS OF McLEOD COUNTRY GOLF CLUB LTD
I declare that, to the best of my knowledge and belief, during the year ended 30 September, 2017, there have
been:
no contraventions of the auditor independence requirements as set out in the Corporations Act 2001 , in
relation to the audit; and
no contraventions of any applicable code of professional conduct in relation to the audit.
Note 2017 2016
$ $
1,459,773 1,036,872
3 (505,574) (380,642)
954,199 656,230
4 1,420,185 1,369,044
138,776 -
(1,296,225) (1,033,926)
(115,751) (116,500)
(47,034) (48,402)
(1,001,704) (890,735)
(16,289) -
36,157 (64,289)
- -
36,157 (64,289)
- -
36,157 (64,289)
The accompanying notes form part of these financial statements
Other revenues from ordinary activities
Grants Received
Depreciation and amortisation expenses
Employee benefits expenses
Borrowing costs expense
Other expenses from ordinary activities
Grant Expenses
Profit/(Loss) before income tax
McLEOD COUNTRY GOLF CLUB LIMITED
PROFIT AND LOSS STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Sales revenues
Cost of Goods Sold
Gross Profit
Income tax expense relating to ordinary activities
Items that will not be reclassified subsequently to profit
and loss
Total comprehensive income/(loss) for the year
Profit/(Loss) for the year
Other comprehensive income
Gain on revaluation of non-current assets
Note 2017 2016
$ $
Current Assets
Cash and cash equivalents 6 256,842 366,811
Trade and Other Receivables 10,718 9,219
Inventories 7 64,398 56,210
Other Current Assets 8 21,274 16,852
Total Current Assets 353,232 449,092
Non-Current Assets
Property, Plant and Equipment 9 6,529,738 6,528,241
Gaming Machine Entitlements 9(b) - -
Total Non-Current Assets 6,529,738 6,528,241
Total Assets 6,882,970 6,977,333
Current Liabilities
10 747,591 858,489
11 29,144 28,710
Short term provisions 12 61,165 53,545
Total Current Liabilities 837,900 940,744
Non-Current Liabilities
11 245,705 275,292
Other long-term Provisions 12 20,854 18,943
Total Non-Current Liabilities 266,559 294,235
Total Liabilities 1,104,459 1,234,979
Net Assets 5,778,511 5,742,354
Equity
5,513,989 5,513,989
264,522 228,365
Total Equity 5,778,511 5,742,354
McLEOD COUNTRY GOLF CLUB LIMITED
The accompanying Notes form part of these financial statements
Interest Bearing Liabilities
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER, 2017
ASSETS
LIABILITIES
Trade and Other Payables
Interest Bearing Liabilities
Asset revaluation reserve
Retained Profits
Retained Asset Total
Profits Revaluation
Reserve
Opening balance 1 October 2016 228,365 5,513,989 5,742,354
Surplus/(Deficit) for the year 36,157 - 36,157
Other comprehensive income - - -
Closing balance 30 September 2017 264,522 5,513,989 5,778,511
Opening balance 1 October 2015 292,654 5,513,989 5,806,643
Surplus/(Deficit) for the year (64,289) - (64,289)
Other comprehensive income - - -
Closing balance 30 September 2016 228,365 5,513,989 5,742,354
Opening balance 1 October 2014 463,743 4,829,045 5,292,788
Surplus/(Deficit) for the year (171,089) - (171,089)
Other comprehensive Income - 684,944 684,944
Closing Balance 30 September 2015 292,654 5,513,989 5,806,643
McLEOD COUNTRY GOLF CLUB LIMITED
STATEMENT OF CHANGES IN EQUITY
The accompanying Notes form part of these financial statements
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Note 2017 2016
$ $
Cash Flows from Operating Activities
2,939,220 2,646,388
(2,858,584) (2,442,857)
1,046 1,450
(45,250) (48,402)
- -
- -
Net Cash Provided by/(used in) operating activities 14(a) 36,432 156,579
- -
(117,248) (82,708)
- -
Net Cash Flows provided by/(used) Used in Investing Activities (117,248) (82,708)
Cash Flows from Financing Activities
- 27,650
(29,153) (21,817)
- 1,760
- -
Net Cash Flows Provided by / (Used in) Financing Activities (29,153) 7,593
Net changes in cash held (109,969) 81,464
Cash at Beginning of Financial Year 366,812 285,348
Cash at End of Financial Year 256,843 366,812
STATEMENT OF CASH FLOWS
McLEOD COUNTRY GOLF CLUB LIMITED
Payment for other non-current assets
Proceeds from borrowings
Principal Hire Purchase repayments
The accompanying Notes form part of these financial statements
Bond Held
Repayment of Borrowings
Interest received
Finance Costs and Other Costs of Finance Paid
Grant Expenses
Cash Flows from Investing Activities
Payment for Property, Plant and Equipment
Proceeds from Sale of Property, Plant & Equipment
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Receipts from Customers/Members
Payments to supplies and employees
Grants Received
NOTE 1 - INTRODUCTION
Critical Accounting Estimates
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in
financial statements containing relevant and reliable information about transactions, events and conditions.
Material accounting policies adopted in the preparation of these financial statements are presented below and
have been consistently applied unless otherwise stated.
The financial statements have been prepared on an accrual basis and are based on historical costs, modified,
where applicable, by the measurement at fair value of selected non-current assets, financial assets and
financial liabilities.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
The financial statements cover McLeod Country Golf Club Ltd as an individual entity. McLeod Country
Golf Club Ltd is a company limited by guarantee, incorporated and domiciled in Australia.
These financial statements are special purpose financial statements that have been prepared in accordance
with Australian Accounting Standards - Reduced Disclosure Requirements of the Australian Accounting
Standards Board and the Corporations Act 2001. The company is a not-for-profit entity for financial
reporting purposes under Australian Accounting Standards.
The financial report is presented in Australian dollars and amounts are rounded to the nearest dollar.
The financial report was authorised for issue on 16th November, 2017, By the Directors.
These Financial Statements of the McLeod Country Golf Club are for the year ended 30 September, 2017.
McLeod Country Golf Club is an unlisted public company limited by guarantee and is domiciled and
incorporated in Australia.
The financial statements have been prepared under the historical cost convention, except for, where
applicable, the revaluation of certain classes of property, plant and equipment.
Historical Cost Convention
The preparation of the financial statements requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the entity's accounting policies.
The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates
are significant to the financial statements, are disclosed in Note 2(n).
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
(a) Revenue
(b)
(c) Inventories
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont)
Inventories are measured at the lower of cost and net realisable value. Inventories held for distribution
are measured at cost adjusted, when applicable, for any loss of service potential.
McLEOD COUNTRY GOLF CLUB LIMITED
Grant revenue is recognised in the Statement of Profit and Loss and Other Comprehensive Income when
the entity obtains control of the grant and it is probable that the economic benefits gained from the grant
will flow to the entity and the amount of the grant can be measured reliably.
Donations and bequests are recognised as revenue when received.
Revenue from the rendering of a service is recognised upon the delivery of the service to the customers.
Sale of goods revenue is recognised at the point of sale, which is where the customer has taken to have
received the goods and the risks and rewards are transferred to the customers. Amounts disclosed as
revenue are net of sales returns and trade discounts.
All revenue is stated net of the amount of goods and services tax (GST).
Current and non-current classification
Assets and liabilities are presented in the statement of financial position based on current and non-
current classification.
An asset is classified as current when: it is expected to be realised or intended to be sold or consumed in
normal operating cycle; it is held primarily for the purpose of trading; it is expected to be realised within
12 months after the reporting period; or the asset is cash or cash equivalent unless restricted from being
exchanged or used to settle a liability for at least 12 months after the reporting period. All other assets
are classified as non-current.
A liability is classified as current when: it is either expected to be settled in normal operating cycle; it is
held primarily for the purpose of trading; it is due to be settled within 12 months after the reporting
period; or there is no unconditional right to defer the settlement of the liability for at least 12 months
after the reporting period. All other liabilities are classified as non-current.
(d) Property, Plant and Equipment
McLEOD COUNTRY GOLF CLUB LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont)
Class of Fixed Asset Depreciation Rate
Buildings 2.5% Prime Cost
Course Layout - at cost 2.5% - 20% Prime Cost
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
Depreciation
Land and buildings are shown at fair value, based on periodic, at least every 3 years, valuations by
external independent values, less subsequent depreciation and impairment for buildings. The valuations
are undertaken more frequently if there is a material change in the fair value relative to the carrying
amount. Any accumulated depreciation at the date of the revaluation is eliminated against the gross
carrying amount of the asset and the net amount is restated to the revalued amount of the asset. Increases
in the carrying amounts arising on revaluation of land and buildings are credited in other comprehensive
income through to the revaluation surplus reserve in equity. Any revaluation decrements are initially
taken in other comprehensive income through to the revaluation surplus reserve to the extent of any
previous revaluation surplus of the same asset. Thereafter the decrements are taken to profit and loss.
Plant and equipment is stated at historical cost less accumulated depreciation and impairment. Historical
cost includes expenditure that is directly attributable to the acquisition of the items.
Depreciation is calculated on a straight-line basis to write off the net cost of each item of property, plant
and equipment (excluding land and carpark) over their useful lives as follows:
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
The carrying amount of each asset class is written down immediately to its recoverable amount if the
class's carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount of the
relevant assets. These gains or losses are included in the statement of profit and loss and Other
Comprehensive Income. When revalued assets are sold, amounts included in the revaluation surplus
relating to the asset are transferred to retained earnings.
Plant & Equipment - at cost 20% Prime Cost
(e) Leases
(f)
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
Lease payments for operating leases, where substantially all the risks and benefits remain with the
lessor, are charged as expenses on a straight-line basis over the term of the lease.
Fair Value Measurement
When an asset or liability, financial or non-financial, is measured at fair value for disclosure purposes,
the fair value is based on the price that would be received to sell an asset or paid to transfer a liability in
an orderly transaction between market participants at the measurement date; and assumes that the
transaction will take place either; in the principal market; or in the absence of a principal market, in the
most advantageous market.
Fair value is measured using the assumptions that market participants would use when pricing the asset
or liability, assuming they act in their economic best interest. For non-financial assets, the fair value
measurement is based on its highest or best use. Valuation techniques that are appropriate in the
circumstances and for which sufficient data are available to measure fair value, are used, maximising the
use of relevant observable inputs and minimising the use of unobservable inputs.
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont)
Leases of fixed assets, where substantially all the risks and benefits incidental to the ownership of the
asset but not the legal ownership are transferred to the entity, are classified as finance leases.
Finance leases are capitalised, recording an asset and a liability equal to the present value of the
minimum lease payments, including any guaranteed residual values.
Leased assets are depreciated on a straight-line basis over their estimated useful lives where it is likely
that the entity will obtain ownership of the asset. Lease payments are allocated between the reduction of
the lease liability and the lease interest expense for the period.
(g) Employee Benefits
(h) Cash and Cash Equivalents
(i) Goods and Services Tax (GST)
(j)
Other long-term employee benefits
The liability for annual leave and long service leave not expected to be settled within 12 months of the
reporting date are recognised in the non-current liabilities, provided there is an unconditional right to
defer settlement of the liability. The liability is measured as the present value of expected future
payments to be made in respect of services provided by employees up to the reporting date using the
projected unit credit method. Consideration is given to expected future wage and salary levels,
experience of employee departures and periods of service. Expected future payments are discounted
using market yields at the reporting date on national government bonds with terms to maturity and
curranty that match, as closely as possible, the estimated future cash outflows.
McLEOD COUNTRY GOLF CLUB LIMITED
Superannuation expense
Contributions are made by the entity to an employee superannuation fund and are charged as expenses
when incurred.
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less, that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in values.
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of
GST incurred is not recoverable from the Australian Taxation Office (ATO). In these circumstances the
GST is recognised as part of the cost of acquisition of the asset or as part of an item of expense. The net
amount of GST recoverable from, or payable to, the ATO is included as part of receivables or payables
in the Statement of Financial Position.
Income Tax
No provision for income tax has been realised as the entity is exempt from income tax under Div 50 of
the Income Tax Assessment Act 1997.
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont)
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave
expected to be settled within 12 months of the reporting date are recognised in current liabilities in
respect of employees' services up to the reporting date and are measured at the amounts expected to be
paid when the liabilities are settled.
(k)
(l)
(m)
(n)
Provisions
When an entity applies an accounting policy retrospectively, makes a retrospective restatement or
reclassifies items in its financial statements, a statement of financial position as at the beginning of the
earliest comparative period must be disclosed.
Trade and Other Payables
Trade and other payables represent the liability outstanding at the end of the reporting period for goods
and services received by the company during the reporting period which remain unpaid. The balance is
recognised as a current liability with the amounts normally paid within 30 days of recognition of the
liability.
Adoption of new and revised accounting standards.
The club adopted all of the new, revised or amending Australian Accounting Standards and
Interpretations issued by the AASB applicable to its operations which became mandatory. Any new,
revised or amending Accounting Standards or Interpretation that are not yet mandatory have not been
early adopted.
The adoption of these Standards and Interpretations did not have a significant impact on the financial
performance or position of the Club.
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont)
Provisions are recognised when the entity has a present legal or constructive obligation, as a result of
past events, for which it is probable that an outflow of economic benefits will result and that outflow can
be reliably measured. Provisions recognised represent the best estimate of the amounts required to settle
the obligation at the end of the reporting period.
Comparative Figures
Where required by Accounting Standards, comparative figures have been adjusted to conform with
changes in presentation for the current financial year.
McLEOD COUNTRY GOLF CLUB LIMITED
(o)
The Club carries its land and building at fair value with changes in the fair value recognised in
revaluation reserve. Independent valuations are obtained at least triennially at the end of each reporting
period. At 30th September, 2015, the directors updated their assessment of the fair value of each
property, taking into account the most recent valuations obtained from the independent valuers and
concluded that the company's asset values approximate their assessment of fair value.
As discussed in Note 2(g), the liability for employee benefits expected to be settled more than 12 months
from the reporting date are recognised and measured at the present value of the estimated future
cashflow to be made in respect of all employees at the reporting date. In determining the present value of
the liability, estimates of attrition rates and pay increases through promotion and inflation have been
taken into account.
The Club determines the estimated useful lives and related depreciation and amortisation charges for its
property, plant and equipment and finite life intangible assets. The useful lives could change
significantly as a result of technical innovations or some other event. The depreciation and amortisation
charge will increase where the useful lives are less than previously estimated lives, or technically
obsolete or non-strategic assets that have been abandoned or sold will be written off or written down.
Fair value measurement
Employee benefits provision
Critical accounting judgements, estimates and assumptions
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
The preparation of the financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts in the financial statements. Management continually
evaluated its judgements and estimates in relation to assets, liabilities, contingent liabilities, revenue and
expenses. Management bases its judgements, estimates and assumptions on historical experience and on
other various factors, including expectations of future events, management believes to be reasonable
under the circumstances. The resulting accounting judgements and estimates will seldom equal the
related actual results. The judgements, estimates and assumptions that have a significant risk of causing
a material adjustment to the carrying amounts of the assets and liabilities (refer to respective notes)
within the next financial period are discussed below.
Estimation of useful lives of assets
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont)
2017 2016
$ $
NOTE 3: PROFIT / (LOSS) FROM ORDINARY ACTIVITIES
45,477 43,191
1,557 5,211
47,034 48,402
10,000 11,000
Cost of Goods Sold
171,165 172,755
164,667 178,267
169,742 29,620
505,574 380,642
0 (597)
Bar Trading
Interest paid and payable to:
Other persons
Finance lease charges
Remuneration paid and payable by the Club to the Auditors for services
Auditing or Reviewing Accounts
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Profit / (Loss) from ordinary activities before income tax includes the
following items:
Charging and Expenses
Borrowing Costs
Kitchen Trading
Property, plant and equipment
Net Gain/(Loss) on Disposal of Non-Current Assets
Total Borrowing Costs
Auditors Remuneration
Golf Shop Trading
2017 2016
$ $
638,869 693,220
- -
547,509 461,120
26,453 25,974
71,958 97,772
1,284,789 1,278,086
58,560 47,204
1,046 1,450
30,880 13,485
44,910 28,819
135,396 90,958
1,420,185 1,369,044
0 0
The Club had a related party transaction with Patco Constructions Pty Ltd on a commercial basis and term to
the amount of $33,911 ex GST. The director whose partner owns this firm had no vote in terms of selection
of the suppliers from those who quoted.
No Director has received of become entitled to receive, during or since the end of the financial year, a benefit
because of a contract made by the Club or a related body corporate with the Director, a firm which the
Director is a member or a company which the Director is a member or a company in which the Director has a
substantial financial interest.
Total Revenues
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
NOTE 5 - RELATED PARTY TRANSACTIONS
Income paid or payable to all Directors of the Club by the Club and
any related parties
Directors' Remuneration
Operating Activities
Membership Subscriptions and levies
Nominations Fees
Competition Fees
Gaming Revenue
NOTE 4: REVENUE
Non-operating Activities
Rents
Interest
Sponsorship Received
Other Income
Donations Received
2017 2016
$ $
NOTE 6 - CASH AND CASH EQUIVALENTS
12,480 13,410
244,362 353,401
256,842 366,811
NOTE 7 - INVENTORIES
20,782 23,150
5,188 8,549
6,112 4,902
32,316 19,609
64,398 56,210
NOTE 8 - OTHER ASSETS
Prepayments 21,274 16,852
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT
2,300,000 2,300,000
886,067 867,376
(386,544) (365,808)
2,799,523 2,801,568
3,156,013 3,116,207
(199,030) (119,418)
2,956,983 2,996,789
104,514 41,408
(28,267) (30,507)
76,247 10,901
Total Land and Buildings 5,832,753 5,809,258
Less accumulated depreciation
NOTES TO THE FINANCIAL STATEMENTS
McLEOD COUNTRY GOLF CLUB LIMITED
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Buildings
Course buildings ad Independent Valuation
Total Freehold Land
Less accumulated depreciation
Cash on hand
Cash at bank
Bar stock on hand
Course stock on hand
Kitchen stock on hand
Golf Shop stock on hand
At Independent Valuation
Freehold Land
Course Improvements - at valuation
Total Buildings
Clubhouse Improvements - at cost
Less accumulated depreciation
2017 2016
$ $
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT (cont'd)
378,724 353,093
(335,229) (323,928)
43,495 29,165
310,019 310,019
- -
310,019 310,019
594,834 594,834
(281,311) (261,374)
313,523 333,460
44,682 42,782
(23,064) (14,773)
21,618 28,009
Total Plant and Equipment 688,655 700,653
Leased Plant and Equipment
85,022 85,022
(76,692) (66,692)
8,330 18,330
Total Property, Plant and Equipment 6,529,738 6,528,241
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Plant and Equipment
Carpark at Independent Valuation
Less accumulated depreciation
Less accumulated depreciation
Plant and equipment - at cost
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Irrigation systems - at cost
Less accumulated depreciation
Office Equipment - at cost
Less accumulated depreciation
Capitalised course machinery lease assets
Less accumulated amortisation
NOTE 9 - PROPERTY, PLANT AND EQUIPMENT (cont'd)
(a) Movements in carrying amounts
Opening Revaluations Additions / Depreciation / Closing
Balance (Disposals) Amortisation Balance
2,801,568 - 18,691 (20,736) 2,799,523
2,996,789 - - (39,806) 2,956,983
10,901 - 69,556 (4,210) 76,247
310,019 - - - 310,019
333,460 - - (19,937) 313,523
29,165 - 27,101 (12,771) 43,495
28,009 - 1,900 (8,291) 21,618
18,330 - - (10,000) 8,330
6,528,241 - 117,248 (115,751) 6,529,738
,
Totals
Land and buildings are measured at fair value as indicated, less, where applicable, any accumulated
depreciation and impairment losses. At 30th September, 2015, the directors arranged for an updated market
valuation of the property to be obtained as it had been three years since the last external valuation. The
valuation suggests that the fair value of the land, based on developing the land for residential purposes, is
$23.2M. This method of assessment would assume that the land is no longer used as a golf course. This of
course is contrary to the business model in which the Golf Club operates. As the land has been rezoned some
years ago to recreational / sports use only, it is not appropriate to use this value. The directors have therefore
used the rateable value, based on the most recent rates notice issued from the Brisbane City Council, of
$2,300,000. The directors therefore believe the carrying amount correctly reflects the fair value at 30th
September, 2017.
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Financed Equipment
Buildings
Clubhouse Improvements
Carpark
Irrigation Systems
Land & Improvements
Plant & Equipment
Office Equipment
a. Gaming machine entitlements
The club currently holds 8 gaming machine entitlements (2016: 8) at a fair value of $3,000 each. At 30
September 2017, a directors' valuation was performed based on observable market evidence from the
sale/purchase of entitlements in SE QLD, following the changes to regulations in July 2014.
2017 2016
$ $
NOTE 10 - PAYABLES
224,115 137,322
490,777 619,775
19,664 27,281
13,035 74,111
747,591 858,489
NOTE 11 - INTEREST BEARING LIABILITIES
Current
8,741 7,975
4,019 3,702
1,558 3,522
14,826 13,511
29,144 28,710
Non-Current
18,078 26,819
9,927 13,945
- 1,558
217,700 232,970
245,705 275,292
274,849 304,002
Utility Loan
Server Upgrade Loan
Total interest bearing liabilities
Lease Liability
Irrigation Upgrade Variable Rate Term Advance
Trade creditors
Members' subscriptions & club vouchers in advance
Prepaid Function deposits held
GST Payable
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Utility Loan
Server Upgrade Loan
Lease Liability
Irrigation Upgrade Variable Rate Term Advance
Security for the Irrigation upgrade Variable Rate Term Advance is a First Registered Equitable Mortgage
over the whole of its asset(s) and undertaking(s) including uncalled capital Over Coy/business Assets, and a
First Registered Mortgage over Non Residential Real Property located at Gertrude McLeod Crescent, Mt
Ommaney QLD, 4074.
Note 2017 2016
$ $
NOTE 12 - PROVISIONS
Current
61,165 53,545
Non-Current
20,854 18,943
27 26
NOTE 13 - CAPITAL AND LEASING COMMITMENTS
Lease Commitments
Lease commitments that relate to items of plant and equipment payable
Not longer than 1 year 9,474 8,613
Longer than 1 year but not longer than 5 years 18,425 26,484
Longer than 5 years - -
Minimum lease payments 27,899 35,097
Less future finance charges (1,080) (303)
26,819 34,794
Current liability 8,741 7,975
Non-current liability 18,078 26,819
Total Lease Liability 26,819 34,794
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Provision for Annual Leave
Provision for Long Service Leave
Number of employees at year end
A provision has been recognised for employee entitlements relating to long service leave. In calculating the
present value of future cash flows in respect of long service leave, the probability of long service leave being
taken in based on historical data. The measurement and recognition criteria relating to employee benefits
have been included in Note 2(g).
2017 2016
$ $
NOTE 13 - CAPITAL AND LEASING COMMITMENTS (cont'd)
145,473 145,473
94,218 239,691
- -
239,691 385,164
NOTE 14: CASH FLOW INFORMATION
(a)
12,480 13,410
244,362 353,401
256,842 366,811
(b)
36,157 (64,289)
- (81)
10,000 10,000
105,751 106,500
- 597
(1,499) 3,952
(4,422) 1,527
(8,188) (4,384)
(110,898) 76,100
9,531 26,657
Cash flows from operating activities 36,432 156,579
Operating Lease Commitments
Payable - minimum lease payments:
Not longer than 1 year
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Non-cancellable operating leases contracted for but not capitalised in the
financial statements
Increase/(decrease) in trade creditors & accruals
Increase/(Decrease) in provisions
(Increase)/decrease in inventories
Changes in assets and liabilities, net of the effects of purchase and disposal
of subsidiaries
(Increase)/decrease in prepayments
Operating (deficit)/surplus after income tax
McLEOD COUNTRY GOLF CLUB LIMITED
Reconciliation of Cash
Longer than 1 year but not longer than 5 years
Longer than 5 years
Depreciation of financed assets
Depreciation of plant and equipment
Net (Profit)/Loss on sale of property, plant & equipment
Cash at the end of the financial year as shown in the Statements of Cash Flows is reconciled to the related
items in the balance sheet as follows:
Cash on hand
Reconciliation of cash flow from operations with surplus from continuing operations after income tax
Non-cash flows operating result
Cash at bank
Total Operating Lease Commitments
(Increase)/decrease in trade and other receivables
Adjustment to Equity
2017 2016
$ $
NOTE 14: CASH FLOW INFORMATION (cont'd)
(c)
NOTE 15 - KEY MANAGEMENT PERSONNEL COMPENSATION
91,716 119,684
NOTE 16 - CONTINGENT LIABILITIES
NOTE 17 - GOING CONCERN
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Credit Stand-by Arrangement and Loan Facilities
The Club has access to an overdraft facility of $200,000. This facility was utilised during the year to a
maximum of $139,074.79. However, during the months of June and September, 2017, due to the receipt
of annual subscriptions, the facility had been returned to a positive balance during the month. Surplus
funds had been transferred to the Cash management accounts. Interest rates on the overdraft facility are
variable.
The totals of remuneration paid to key management personnel (KMP)
of the company during the year are as follows:
Key management personnel compensation
The directors believe that there are no contingent liabilities at 30th September, 2017.
The financial statements have been prepared on a going concern basis, which contemplates the
realisation of assets and settlement of liabilities in the ordinary course of business. The Club returned a
profit of $36,157 in the current year, and loss of $64,289 at 30th September, 2016, the company had a
net asset deficiency of $484,668. These conditions give rise to a material uncertainty that may cast
significant doubt upon the company's ability to continue as a going concern. We note that the financial
position of the company is consistent with the prior year.
Note 2017 2016$ $
NOTE 18 - FINANCIAL RISK MANAGEMENT
256,842 366,811 10,718 9,219
267,560 376,030
734,556 784,37826,819 34,79415,504 22,727
232,526 246,481
1,009,405 1,088,380
Bank loans - fixed rateBank loans - variable rate
Total financial liabilities
The Company's financial instruments consist mainly of deposits with banks, local money market
instruments, short-term investments, accounts receivable and payable and leases.
The totals for each category of financial instruments measured in accordance with AASB 139 as detailed
in the accounting policies to these financial statements, are as follows:
Cash and cash equivalents
Financial Assets
Trade Receivables
Total financial assets
Financial Liabilities
Trade and other payablesLease and HP liabilities
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
McLEOD COUNTRY GOLF CLUB LIMITED
NOTE 19 - FAIR VALUE MEASUREMENT
Level 1:
Level 2:
Level 3:
Level 1 Level 2 Level 3 Total
$
2017
- 2,300,000 - 2,300,000
- - 1,154,644 1,154,644
- - 3,051,004 3,051,004
- 2,300,000 4,205,648 6,505,648
2016
- 2,300,000 - 2,300,000
- - 1,154,644 1,154,644
- - 3,051,004 3,051,004
- 2,300,000 4,205,648 6,505,648
NOTE 20 - COMPANY DETAILS
The registered office and principal place of business of the company is-
Carpark & course improvements
Land
Assets
Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can
access at the measurement date.
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
61 Gertrude McLeod Crescent
Mount Ommaney, QLD, 4074
Buildings
Total Assets
Assets
Land
Carpark & course improvements
Buildings
Total Assets
Fair value hierarchy
The following tables detail the Club's assets, measured or disclosed at fair value, using a three level
hierarchy, based on the lowest level of input that is significant to the entire fair value measurement,
being:
Unobservable inputs for the asset
Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
2017 2016
$ $
Bar Sales 460,534 443,184
Cost of Sales
Opening Stock (23,150) (25,900)
Purchases (168,797) (170,005)
Closing Stock 20,782 23,150
Cost of Goods Sold (171,165) (172,755)
Gross Profit from Bar Trading 289,369 270,429
Gross Profit % 62.8% 61.0%
Expenditure
Salaries and Related Expenses 193,614 199,294
Insurance 3,749 3,495
Light & Power 9,491 7,541
Rates 2,438 1,734
Repairs and Maintenance 2,725 1,112
Replacements and Consumables 907 762
Sundry Expenses 11,537 18,232
Total Expenditure 224,461 232,170
Bar Trading Net Profit 64,908 38,259
Net Profit Percentage 14.1% 8.6%
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Bar
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
2017 2016
$ $
Income from Sales 571,556 521,240
Cost of Sales
Opening Stock (4,902) (9,917)
Purchases (165,877) (178,267)
Closing Stock 6,112 4,902
Cost of Goods Sold (164,667) (178,267)
Gross Profit from Catering Trading 406,889 342,973
71.2% 65.8%
Expenditure
Salaries and Related Expenses 284,550 251,964
Advertising and Function Expenses 18,820 1,646
Equipment Lease - 3,083
Gas and Electricity 12,626 15,151
Insurance 3,749 3,495
Laundry 20,873 22,796
Rates 2,438 1,734
Repairs and Replacements 7,698 8,606
Sundry Expenses 2,192 2,334
Total Expenditure 352,946 310,809
Catering Trading Net Profit/(Loss) 53,943 32,164
Net Profit Percentage 9.4% 6.2%
Poker Machines
Income from Poker Machines 26,453 25,974
Expenditure
Poker Machine Monitoring Levy 9,200 9,461
Sundry Expenses 466 495
Total Expenses 9,666 9,956
Net Profit from Poker Machines 16,787 16,018
Net Profit % of sales 63.5% 61.7%
Catering / Kitchen
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
2017 2016
$ $
Income from Sales 312,666 72,448
Cost of Sales
Opening Stock (19,609) -
Purchases (182,449) (49,229)
Closing Stock 32,316 19,609
Cost of Goods Sold (169,742) (29,620)
Gross Profit from Trading 142,924 42,828
45.7% 59.1%
Other Income
Grant Subsidies for payroll costs 4,198 -
Motorised Cart Hire 115,017 36,102
262,139 78,930
Expenditure
Salaries and Related Expenses 267,003 67,435
Advertising and Promotions 2,853 10,223
Commission Expenses 32,536
Grant Expenses 4,198
Hire of Buggies and Equipment 49,526 15,459
Light & Power 5,325 159
Insurance 5,230 -
Printing, Stationery & Phone 3,573 1,951
Rates - -
Repairs and Replacements 4,278 4,453
Sundry Expenses 2,192 1,193
Total Expenditure 376,714 100,873
Trading Net Profit/(Loss) (114,575) (21,943)
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Golf Shop
2017 2016
$ $
44,910 28,819
329,112 256,541
6,795 7,873
218,397 204,579
1,046 1,450
72,248 103,187
22,977 47,399
16,110 11,525
42,450 35,679
30,880 13,485
22,107 -
138,776 -
15,881 6,398
566,621 590,033
1,528,310 1,306,968
COURSE EXPENDITURE
1,557 5,211
20,338 19,436
98,699 93,203
23,775 15,253
96,647 103,380
12,459 15,891
11,221 22,574
18,936 20,449
1,950 1,950
7,405 6,038
50,935 55,552
263,415 243,654
6,838 4,962
1,434 682
1,249 2,347
7,719 5,816
624,577 616,398
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
OTHER INCOME
McLEOD COUNTRY GOLF CLUB LIMITED
Donations Received
Advertising and Sponsorships
Competition Fees
Fundraising and Members Functions
Green Fees (Social/Corp)
Interest
Members' Levies
Electricity
Total Course Expenses
Pro Am Income
Rent Received
Rent Received and registrations - Buggy Shed/Cages
Wages Subsidies Received
Fuel and Oil
Course Maintenance
Grants Received
Subscriptions
Total Other Income
Sundry Income
Depreciation
Salaries and Related Expenses
Motor Vehicle Expenses
Telephone
Uniforms and Protective Clothing
Other Course Expenses
Borrowing Costs
Rates and Levies
Repairs to Plant and Equipment
Insurance
Special Projects - Paths, Bridges
Subscriptions
Equipment Rental Lease
2017 2016
$ $
ADMINISTRATION EXPENDITURE
60,000 63,052
10,000 11,000
23,806 16,593
21,671 26,598
34,538 40,546
- 4,096
20,800 17,634
17,885 14,500
- 1,064
3,000 -
10,380 9,855
625 -
12,655 11,853
- 597
731 1,469
4,243 3,349
12,450 8,959
14,583 10,520
14,824 14,106
8,031 10,700
3,865 2,351
287,643 280,297
561,730 549,139
GOLF EXPENDITURE
73,314 27,159
9,721 10,299
- 18,001
- 4,729
- -
4,098 1,595
40,457 52,550
1,370 (44)
128,960 114,289
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Auditor's Remuneration
Total Administration Expenses
Light and Power
Loss on disposal of assets
Postage
Borrowing Costs
Computer Expense
Depreciation
Donations made
Fringe benefits tax
Insurance
Commission Expense
Telephone
Training
Salaries and Related Expenses
Legal Fees
Printing and Stationery
Rates and Levies
Rental Office Equipment
Bank Charges
Grant Expenses
Trophies and Related Expenses
Fixture Books and Score Cards
Sundries
Advertising and Promotion
McLEOD COUNTRY GOLF CLUB LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Total Golf Expenses
Professional Commission
Grant expenses
Pennants
Pro Am costs
Sundries
Commissions - Other
2017 2016
$ $
HOUSE EXPENDITURE
41,172 45,616
1,035 1,739
44,016 43,314
409 2,400
9,064 6,616
12,466 11,385
- -
17,325 16,140
46,069 11,993
13,567 10,141
9,091 -
3,735 1,670
197,949 151,014
McLEOD COUNTRY GOLF CLUB LIMITED
Security
Grant expenses
Sundries
Total House Expenses
Equipment rental/hire
Insurance
Light and Power
Clubhouse Equipment
Rates and Levies
Repairs and Maintenance
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER, 2017
Cleaning
Clubhouse Gardens Committee
Depreciation
1
a.
b.
2
This declaration is made in accordance with a resolution of the Board of Directors.
Dated this 16th day of November, 2017
DIRECTORS' DECLARATION
The Directors of the company declare that:
The financial statements and notes, are in accordance with the Corporations Act 2001 and:
comply with Accounting Standards-Reduced Disclosure Requirements and
give a true and fair view of the financial position of the company as at 30 September, 2017 and
of its performance for the year ended on that date.
In the Directors' opinion there are reasonable grounds to believe that the company will be able to pay its
debts as and when they become payable.
McLEOD COUNTRY GOLF CLUB LIMITED
Carolyn McIlvenny
Jennifer Smith